Trust means transferring property from the owner to some other person. Trust can be created executing the trust deed. There are 2 types of trusts where private trust is formed for the benefit of a group of people and public trust is formed to benefit the general public. To start an NGO, public trust is the most convenient way. Trust functions to eradicate poverty, offer medical relief and provide education to the underprivileged. Its general aim is to promote arts, science and literature. Trust cannot be amended/terminated without the permission of the court.
Get Informed about:
Regulators and Administrators:
Public Trusts are governed by Bombay Public Trusts Act, 1950 all over India expect the functioning of the Trusts in States of Maharashtra and Gujarat. Public Trusts in Maharashtra comes under Maharashtra Public Trusts 1950.
Private Trusts comes under the regulations of Indian Trusts Act, 1882.
No. of Members: Trust can be formed with Trustor/Author, Trustee and beneficiary. Minimum two members are required and there is no maximum limit for adding members. While registering the Trust, provision regarding the management of Trust, procedure of appointing and removing members need to be mentioned.
Objective: Trust needs to be formed for a lawful objective and not in unlawful or fraudulent or invalid purpose. The objective of Trust should be valid and generous.
Trusts Instrument: Trust deed or say Trusts Instrument is most important part of the trust and its formation. The objectives of trust along with information of the beneficiaries of trusts, the power of trustees all are mentioned in Trust Deed. Trust Deed is to be signed by all the partners in front of Registrar in presence of two witnesses.
Benefits: Public Trusts can avail the tax exemptions once registered with the Income Tax and get benefit of it. Whereas Private Trusts do not get the tax benefit also can’t get any government privileges or scheme benefit.
Get Your Personal Assistant To Find The Right Solution, Just Sit Back And Relax.
Steps for Trust Registration
Select appropriate name
Drafting of Trust Deed
Trust Registration is done
Get PAN & TAN
Open a Bank A/c
We are, most reliable and trust worthy name in field of Financial and Legal advisory. We have been working and have worked with no. of entrepreneurs, corporate professionals, industries and businessmen and are continuing in providing guidance and assistance throughout their professional journey.CA Amit O Kasat is one stop destination for all kinds of registrations and return filings, statutory compliance and legal advisory. Complexities as well as Legal barriers faced in terms of registrations and filings shifts your focus, we are here to help you out with all the legal dealings and compliances with experienced team of expertise, with timely services and assurance.
What are you waiting for? Get associated with most trust worthy and renowned CA firm in Pune backed with team of expertise who will guide you and help you throughout your journey.
JOIN IN NOW!! FOR HASSEL FREE REGISTRATION PROCESS & CONTINUES LEGAL GUIDANCE JUST ONE CALL AWAY!!
Frequently Ask Question
- Deed of trust or
- Will or
- Scheme framed by court or
- Written constitution
- Trust can be formed by:
- An individual, HUF, Company, AOP, Partnership Firm etc. i.e. person competent to contracts.
- In case of minor the permission is required from Principal Civil Court of specific jurisdiction.
- Yes, and further the assets or property is divided into beneficiaries as per mentioned.
- There are two types of trust:
- Private trusts: formed for the benefit of a group of people (close group) such as club, relatives.
- Public trust: formed to benefit the general public such as NGO’s, charitable foundations.
- It is mandatory for a trust referred to in Sections 139(4A), 139(4C), 139(4D)and 139(4E) to file the return of income.
- Further, a trust (not covered in above provision) is required to file return of income if its gross total income exceeds the maximum amount which is not chargeable to tax.
- Yes, it is advices to get proper registered trust deed.
- To get more information on same kindly contact us.
- Trust can be formed with Trustor/Author, Trustee and beneficiary.
- Minimum two members are required and there is no maximum limit for adding members
- Yes, it is necessary to maintain all records and information.
- Ideally 4 to 6 meetings in a year are conducted by trust.
There is no provision under the various Public Trusts Acts to legally terminate/dissolve a valid public charitable trust
- Then kindly contact us on (mobile no.) or email (email Id)